India to Singapore, HK: Uber rich shift $235 bn to offshore family offices

High and ultra-high networth individuals from India transferred approximately $130 billion in financial assets to family offices in Singapore last year. This made India the city-state’s third largest source of such funds in the Asia-Pacific region, following China ($400 billion) and Indonesia ($140 billion) as of the end of 2023, according to a recent study by McKinsey & Company.

Hong Kong ranked fourth with $70 billion in transferred assets to Singapore; the rest of Asia collectively parked over $370 billion in the island nation.

Hong Kong is another popular destination, with Indian family offices parking $105 billion